- Goods that do not obey the law of demand, in that quantity demanded decreases as price decreases (from British economist, Robert Giffen).
American business jargon. 2014.
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Giffen good — In economics (consumer theory), a Giffen good is that which people consume more of as price rises, violating the law of demand. In normal situations, as the price of such a good rises, the substitution effect causes people to purchase less of it… … Wikipedia
Giffen Good — A consumer good for which demand rises when the price increases, and demand falls when the price decreases. This phenomenon is notable because it violates the law of demand, whereby demand should increase as price falls and decrease as price… … Investment dictionary
Barony and Castle of Giffen — The Barony of Giffen and its associated 15th century castle were in the parish of Beith in the former District of Cunninghame, now North Ayrshire. The site may be spelled Giffen or Giffin and lay within the Lordship of Giffin, which included the… … Wikipedia
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Ordinary good — An ordinary good is a microeconomic concept used in consumer theory. It is defined as a good which creates increased demand when the price for the good drops or conversely decreased demand if the price for the good increases, ceteris paribus. It… … Wikipedia
Price elasticity of demand — Not to be confused with Price elasticity of supply. PED is derived from the percentage change in quantity (%ΔQd) and percentage change in price (%ΔP). Price elasticity of demand (PED or Ed) is a measure used in economics to show the… … Wikipedia
Veblen good — In economics, Veblen goods are a theoretical group of commodities for which peoples preference for buying them increases as a direct function of their price, instead of decreasing according to the theory of supply and demand.It is claimed that… … Wikipedia
Supply and demand — For other uses, see Supply and demand (disambiguation). The price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D). The diagram shows a… … Wikipedia
Гиффена товары — (в экономике) (Giffen goods), товары, спрос на к рые падает вместе с падением их цены, и наоборот. Это нарушает обычную взаимосвязь между спросом и предложением. Термин обязан своим происх. Роберту Гиффену (1837 1910), к рый определил, что при… … Народы и культуры